Judy Robbins worked with me, she was completely unethical. From our first call I was clear that I am looking for a Fixed 30 year loan with a rate lower than what I already have (8.99% fixed for 30 years).
AFTER she checked my credit, she replied with the following offer by email: “Dear Sameh,
The lender has conditionally approved your loan.
They are approving you for a loan based on 70% Loan to value.
They used the value of $500,000 when they did the numbers.
If your property appraisal comes back higher than $500,000 you will get more money and if it comes back at less your number will drop.
For now, they approve you for a loan of $350,000 based on a $500,000 value.
Interest rate will be 8.24% fully amortized for 30 years.
Plus 2 points, $1995 underwriting, $600 loan processing & $795 for administrative fees.
You will need to pay for the appraisal directly to the appraisal company.
I will need to arrange it for you. I don’t have the cost for it yet but it will somewhere between $595.00 & $750,00.”
This was clear to me that the loan interest is 8.24% for the life of the loan. She NEVER mentioned adjustable rate.
But when I received the loan approval letter today, I found out that it is for a 3 year ARM, then adjustable rate every 6 months.
And to make things worse, after I confronted her with the facts, she tried to blame me that I told her that my credit score was higher, but she had already run my credit BEFORE sending me the above quoted email.
And even worse, she tried to say that English is not my first language and that I misunderstood her, and that proves that she is a racist because of my accent.
Very unethical and low class service.